Bitmine posts $6.3 billion loss as Ethereum holdings expand
Key points
- Bitmine Immersion Technologies reported a $6.31 billion net loss for fiscal 2026, reversing the previous year's profit.
- The company recorded $6.2 billion in unrealised digital asset losses, primarily from declining Ethereum prices.
- Its Ethereum treasury reached 5.9 million ETH, valued at $14.6 billion on 31 August 2026.
Bitmine Immersion Technologies Inc (NYSE:BMNR) reported a $6.31 billion annual loss as declining Ethereum prices cut its treasury valuation.
The loss reversed fiscal 2025's $348.6 million profit, while annual revenue climbed to $124.8 million from $6.1 million.
Unrealised digital asset losses reached $6.2 billion, primarily reflecting lower fair values for its Ethereum holdings.
Ethereum staking and validation generated $121.4 million, accounting for approximately 97% of Bitmine's fiscal 2026 revenue.
The company held 5,901,837 Ethereum (ETH), valued at approximately $14.6 billion, on 31 August 2026.
Its holdings represented approximately 4.9% of Ethereum's circulating supply, while cash and equivalents totalled $545.1 million.
Bitmine also expanded its staking operations through MAVAN, its institutional Ethereum validator platform, following its acquisition of Pier Two.
Bitmine's results now depend heavily on Ethereum prices, staking yields and the performance of its validator operations.
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